Tuesday, 02 January 2024 12:17 GMT

Gold Analysis 21/10: Trades Near Its All-Time High (Chart)


(MENAFN- Daily Forex) Today's Gold Analysis Overview:
  • The overall of Gold Trend: Strongly bullish.
  • Today's Gold Support Points: $4290 – $4200 – $4170 per ounce.
  • Today's Gold Resistance Points: $4385 – $4440 – $4500 per ounce.

Today's Gold Trading Signals:
  • Sell Gold from the resistance level of $4400, with a target of $4200 and a stop-loss at $4470.
  • Buy Gold from the support level of $4260, with a target of $4400 and a stop-loss at $4200.
Technical Analysis of Gold Price (XAU/USD) Today:

As expected, gold tradin will remain bullish, and any price declines will remain buying opportunities at this stage. The US government shutdown continues, and trade tensions between the US and China, as well as global geopolitical tensions, continue. This is a fertile environment for gold purchases as a safe haven.

At the beginning of the week's trading, across gold trading platforms, the gold price index was subject to selling operations that pushed it towards the support level of $4220 per ounce. However, it quickly returned to its record upward trajectory, settling today, Tuesday, October 21, 2025, around the resistance level of $4375 per ounce, close to its all-time high when it tested the $4382 per ounce resistance earlier this month.

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The current gold price is $4330 per ounce.

As we also mentioned in my technical analysis of gold, gold investors may not be so concerned with the technical indicators reaching strong overbought levels as they are with monitoring the continued gains in the gold trading market. Technically, the 14-day RSI on the daily chart is around 81, well above the overbought line of 70, confirming the strength of bull control over the trend. At the same time, the MACD closed at 12.26, in a sharp overbought zone Tips:

The strategy of buying gold on every strong price decline will remain in place until further notice. However, we always recommend avoiding risk, regardless of the strength of the trading opportunities available.

EURUSD Chart by TradingViewShould we buy gold now?

According to gold analysts' forecasts, investors are likely to remain keen to increase their gold allocations when prices dip, and the recent sharp rise in gold price may have been overly exaggerated and too rapid. Nevertheless, concerns about the fiscal sustainability of the G10 and the independence of central banks are expected to continue until 2026, making it difficult to predict whether gold will peak soon. Accordingly, Bank of Singapore has adjusted its 12-month gold price forecast to $4,600 per ounce.

According to experts at IG Bank, there is still "plenty of money ready to jump on the gold train." The experts added that the "altitude sickness" suffered by the yellow metal was merely a passing stumble. This may not be reassuring for those awaiting a "true pullback."

Ready to trade today's Gold prediction? Here's a list of some of the best XAU/USD brokers to check out.

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